EBay board approves PayPal spinoff

EBay Inc. said Friday its board approved the spin off of PayPal Inc. as a separate public company. EBay shareholders as of July 8 will receive one share of PayPal common stock for each eBay share on July 17. Following the distribution of the shares, PayPal will list on the Nasdaq Stock Market and trade under the ticker PYPL. EBay's ticker will remain unchanged.

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